EghtesadOnline: Iranian contract with Turkmen Gas is in place for next five years, Deputy Petroleum Minister and Managing Director of National Iranian Gas Company Hamid Reza Araqi said on Saturday.

Explaining outcome of his 3-day visit to Turkmenistan and negotiations with Turkmenistan Vice-President, Energy Minister, Foreign Minister and Managing Director of Turkman Gas Company, Araqi said that Memorandum of Understanding (MoU) on gas import to Iran, swap and drawing up strategy for cooperation of the two companies were the topics of negotiations.

The two parties agreed to set up a joint committee to review cases of differences in the next two months for settlement, ILNA cited Araqi as saying.

Given Iran's suitable position for swap of gas with Turkmenistan to be delivered to a third party, Iran has declared its readiness to swap the gas with Turkmenistan officials, Araqi said.

He made clear that the MoU signed by managing directors of the two companies in presence of ambassadors of the two countries ill be implemented after confirmation by senior officials of the two states.

Turkmenistan wants to receive gas price for Iranian years of 1386-87 the amount of 1.8 billion dollars - Iran made objection to.

Following Ashgabat ultimatum to stop gas flow to Iran, an Iranian delegation departed for Turkmenistan.

The Iranian delegation cut short the negotiations on Friday morning and decided to come back home because of Turkmen insistences on their stances, but upon the Turkmen request, the Iranian delegation returned from airport to the negotiating table and finally senior officials of Turkmenistan said that the gas exchange between the two countries will continue.